Dream Estates Montenegro
An International Associate of Savills
2024 sees the 20th anniversary of Savills and their exclusive associate, Dream Estates, as the first global real estate brand entering the market in Montenegro.
Savills is a global company with 40,000 people and 700 offices around the world, listed on the London Stock Exchange and has been in business for 170 years. With a reputation second to none, Savills is renowned for their wide-ranging specialist and local knowledge and take pride in providing best-in-class advice as we help individuals, businesses and institutions make better property decisions. Vedrana Kelleher, Director, and team members outline more about their business in this feature.
Tell us about your history, experience, and expertise in your respective market including why sellers and buyers should choose you as their preferred partner?
Dream Estates / Savills Montenegro operate in two key market segments – transactional sales and Development Consultancy Advisory. Together with Sotheby’s and Christie’s, we bring international expertise and service expectations to Montenegro. Having these 3 international brands in such a small country is a testament to the activity and quality of the real estate marketplace.
How do you foresee your market in 2024 and beyond? What is the probable price growth, the arrival of new projects, buyer profile and nationality changes etc).
There is a significant pipeline of new product coming onto the market from a perspective of mixed-use resorts and branded residences. Montenegro is firmly on the world stage when it comes to the variety of international hotel brands, entering the real estate segment, with branded product and this is a key focus for us going forward. This product meets the expectations and lifestyle of our buyer profile, who are looking for a hassle-free investment product to act as a yield producing asset with capital growth – but also with the ability to use as desired to enjoy majestic Montenegro. We would expect moderate price growth in 2024 for completed product, but much more attractive returns for investors entering new ‘yet to be completed’ product, from reputable developers.
What are some key insights and your tips of areas or property types which potential buyers should be aware of for future potential growth?
History has shown us and hopefully will repeat itself, that buying off plan from reputable developers such as Porto Montenegro, Lustica
Bay, Portonovi and others, has delivered considerable upside as the project grows over time. New phases of off-plan product in these projects and others are worth serious consideration. Otherwise, anything unique, such as in Kotor Old Town or waterfront, are always a sound investment, as they can never be repeated.
What are the primary challenges your agency faces in the current real estate landscape, and how do you address them?
Firstly, we are delighted to be a founding member of the new association of real estate agents (UANCG) who are spearheading new legislation that will come into force this year to regulate how agencies operate in the industry. Currently, we have up to 400 competitors, of which over 60% are not legally operating in the industry. This is a major challenge for us and our other international peers as we strive to establish a transparent
and professional standard in the industry. This new legislation will bring others that want to work in the industry under a new set of rules that will ensure clients of agencies are protected and provided with quality and transparent service as well as ensuring the government is receiving income from this industry in the form of VAT etc.
What are the most interesting and exciting properties currently in your portfolio (any history or interesting facts?
We asked our colleagues from our Kotor team to introduce themselves and tell us about their favourite property currently on the market. There is no better advice than local advice. Here is what the team has to offer.